Saul Centers, Inc. reported its operating results for the second quarter ended June 30, 2025, with total revenue increasing to $70.8 million from $66.9 million in the comparable 2024 quarter. However, net income decreased to $14.2 million from $19.5 million in the prior year period.
The decline in net income was primarily due to a $5.4 million adverse impact from the initial operations of Twinbrook Quarter Phase I, which included a $3.5 million reduction in capitalized interest. Funds From Operations (FFO) available to common stockholders and noncontrolling interests decreased to $25.4 million, or $0.73 per basic and diluted share, from $28.5 million, or $0.83 per basic and diluted share, in the second quarter of 2024, with Twinbrook Quarter Phase I adversely impacting FFO by $3.2 million.
Despite the financial headwinds, the Twinbrook Quarter Phase I project achieved a significant milestone with Wegmans commencing operations on June 25, 2025. As of August 4, 2025, 389 of the 452 residential units, representing 86.1%, were leased and occupied. However, same property net operating income decreased by 4.3% for the quarter, primarily due to lower lease termination fees.
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